LG Electronics to see surge in smartphone sales this year

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LG Electronics to see surge in smartphone sales this year

LG Electronics, a Korean tech firm, will likely see 40 percent growth in its smartphone shipments this year, as its recent products are well received in the market, a report said.

In 2013, LG Electronics is expected to sell 36.9 million units of smartphones, up 41.3 percent from last year’s estimated 26.1 million units, Bank of America Merrill Lynch said in a report.

The possible growth is attributed to a positive market response toward LG Electronics’ latest smartphone models, such as the Optimus G and Nexus 4, the investment bank said.

It said the actual shipment of smartphones may be larger than the estimate for this year due to the fast pace in shipment growth of Nexus 4 and the early launch of Optimus G2, the newer version of Optimus G, which is expected in May.

LG Electronics’ smartphone shipments will further grow 30 percent next year to 47.9 million units, Bank of America predicted. The Korean home appliance maker will see its operating margin from its mobile phone business increase to 3.3 percent in 2013 and 5.5 percent in 2014, from last year’s estimated 0.4 percent. LG Electronics, which has desperately tried to regain its mobile prowess, has recently managed to catch up with rivals by launching high-end smartphone models. Some market watchers expect LG Electronics will emerge as the world’s third-largest smartphone manufacturer in 2013.

The company’s share of the global smartphone market is forecast to rise from 4 percent in 2012 to nearly 6 percent this year.

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